What is a Hanging Man Candlestick in Forex? - Hanging Man Candles Pattern
What Does Hanging Man Candle Mean? - Hanging Man Candlestick Definition
Hanging Man forex candlesticks pattern is a potentially bearish reversal signal which occurs during a forex uptrend. It is named so because it resembles a man hanging on a noose up high.
A hanging man candle has:
- A small body
- The body is at the top
- The lower shadow is 2 or 3 times the length of the real body.
- Has no upper shadow or very small upper shadow if present.
- The color of the body is not important
What is Hanging Man Candlestick in Forex? - Forex Candlesticks Pattern
Technical Analysis of Hanging Man Candle Pattern
Sell trading signal is confirmed when a bearish candlestick closes below the open of the candlestick on left-side of this hanging man candlestick pattern.
Stop orders should be set a few pips just above the high of the hanging man candle.
